Texas Finance Code

§ 62.153 — INSURANCE OF SAVINGS ACCOUNTS

FI § 62.153Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. D. OPERATIONS AND FINANCES

Statute text

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(a)An association may obtain insurance for its savings accounts from the Federal Deposit Insurance Corporation.

(b)Only if the account is insured by the Federal Deposit Insurance Corporation may a person advertise, represent, or offer to accept a savings account in this state as:

(1)an insured or guaranteed account; or

(2)the savings account of an insured or guaranteed institution.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.